Starbucks Details Growth Targets

Starbucks says in an investor update that it aims to grow to 20,000 US stores in the long term, up from about 16,350 today. The coffee chain reaffirmed previous targets to grow to 55,000 global stores by 2030. It aims to build more stores for specific means of ordering, such as delivery or pickup. The chain says it also aims to find $3 billion in cost savings, with $2 billion of it coming in its supply chain. Starbucks closed up 9.5% after it reported 4Q earnings this morning that exceeded expectations.

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